Bank of America (NYSE:BAC) Upgraded at StockNews.com

Bank of America (NYSE:BAC) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

Other equities research analysts have also issued research reports about the company. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Barclays boosted their target price on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday. Oppenheimer raised their price target on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 target price (up from $46.00) on shares of Bank of America in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.76.

Bank of America Price Performance

Bank of America stock traded down $0.15 during midday trading on Wednesday, reaching $43.98. The company’s stock had a trading volume of 65,686,164 shares, compared to its average volume of 38,717,992. The firm has a market capitalization of $343.94 billion, a PE ratio of 15.22, a P/E/G ratio of 1.60 and a beta of 1.35. Bank of America has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The stock’s 50 day simple moving average is $39.93 and its 200 day simple moving average is $36.83. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the business earned $0.88 earnings per share. On average, equities research analysts forecast that Bank of America will post 3.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BAC. Muirfield Wealth Advisors LLC increased its position in Bank of America by 1.6% during the second quarter. Muirfield Wealth Advisors LLC now owns 16,485 shares of the financial services provider’s stock worth $656,000 after purchasing an additional 254 shares during the last quarter. Forza Wealth Management LLC raised its position in shares of Bank of America by 1.8% in the 2nd quarter. Forza Wealth Management LLC now owns 15,752 shares of the financial services provider’s stock worth $626,000 after buying an additional 284 shares during the period. Thrive Wealth Management LLC boosted its holdings in Bank of America by 2.5% in the second quarter. Thrive Wealth Management LLC now owns 11,601 shares of the financial services provider’s stock valued at $461,000 after acquiring an additional 286 shares during the last quarter. Lodestone Wealth Management LLC grew its position in Bank of America by 0.4% during the second quarter. Lodestone Wealth Management LLC now owns 71,097 shares of the financial services provider’s stock valued at $2,828,000 after acquiring an additional 293 shares during the period. Finally, Joel Isaacson & Co. LLC increased its stake in Bank of America by 0.3% during the first quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock worth $4,115,000 after acquiring an additional 294 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.